Drought causes significant losses in vegetation net primary productivity (NPP). However, the lack of real-time, large-scale NPP data poses challenges in analyzing the relationship between drought and NPP. Solar-induced chlorophyll fluorescence (SIF) offers a real-time approach to monitoring drought-induced NPP dynamics. Using two drought events in the Huang–Huai–Hai Plain from 2010 to 2020 as examples, we propose a new SIF/NPP ratio index to quantify and evaluate SIF’s capability in monitoring drought-induced NPP dynamics. The findings reveal distinct seasonal changes in the SIF/NPP ratio across different drought events, intensities, and time scales. SIF demonstrates high sensitivity to commonly used vegetation greenness parameters for NPP estimation (R2 > 0.8, p < 0.01 for SIF vs NDVI and SIF vs LAI), as well as moderate sensitivity to land surface temperature (LST) and a fraction of absorbed photosynthetically active radiation (FAPAR) (R2 > 0.5, p < 0.01 for SIF vs FAPAR and R2 > 0.6, p < 0.01 for SIF vs LST). However, SIF shows limited sensitivity to precipitation (PRE). Our study suggests that SIF has potential for monitoring drought-induced NPP dynamics, offering a new approach for real-time monitoring and enhancing understanding of the drought–vegetation productivity relationship.